The technology world is abuzz with the advent of NFC (Near Field Communication) technology. The technology has been under development for quite some time and no secrets were made about what its intended uses were. When the technology is finally applied, the biggest difference will be felt in the retail sector. Mobile phone companies are already producing smart phones that can incorporate NFC applications. Any phone company not releasing a model that is able to incorporate NFC is often scoffed upon by reviewers; such is the importance of NFC technology. Like any other new technology, the business sector is skeptical about the apparent benefits of adopting NFC. The retail business in particular is bound to be strongly affected as more and more consumers switch to the new NFC enabled gadgets. NFC technology has been introduced in into the retail sector in Turkey and lessons learned from it are being studied by market experts worldwide. NFC technology definitely has various benefits for retail business owners. Here are just some of the advantages of adopting it:
Customers like to visit stores that offer something different. If it is something that makes life more convenient for them, then they are more likely to revisit such a store. That is exactly what NFC technology offers for consumers – a chance to leave behind their wallets and make payments via their smart phones. Nothing serves a retail business better than an excellent customer service experience. Until NFC is widely adopted, retail stores can still claim bragging rights for having the technology ready and waiting for its customers. Unlike most other technology, using the NFC payment method is not that difficult. It is as simple as placing your smart phone on a sensor attached to the cash register; a small task for someone who has managed to master a smart phone.
Ease in Keeping a Track of Earnings
One of the biggest hassles for any retail business owner is to keep track of all their earnings via different vendors. NFC technology allows customers to merge all their credit, debit and instant pay accounts into a single application. From this application, the customer can choose the appropriate vendor and make the necessary payment. For business owners, the NFC receiver at their end is able to sort out the various payments and have all the necessary information ready. Retail business owners can have a detailed breakdown of all the received payments at their fingertips. Come tax season, this proves to be invaluable.
Make Your Business Go Green
Going green seems to be a very important priority for businesses around the world. Besides the whole corporate responsibility angle, retail businesses can greatly benefit from it financially. Making your business more eco-friendly can make it eligible for a number of tax breaks. When a customer pays using a NFC enabled device, you do not have to provide them with a printed receipt. All the information about the transaction is saved on the customer’s and retailer’s devices. This directly translates to plenty of savings for any retail business.
It cannot be doubted that NFC technology is here to stay. Just like credit card machines before it, all retail businesses will have to adopt NFC sooner or later. Seeing the obvious benefits that it has to offer, that may not be such a bad thing.
Chris Thomas has been an insolvency practitioner and likes to provide various business management and functioning tips through his articles. He works with the team running the Real Business Insolvency Website which includes experienced and accredited insolvency practitioners and business recovery specialists.
